JSW Ispat gains after steel production rises 17% QoQ in Q4 FY22

JSW Ispat Special Products advanced 2.96% to Rs 38.20 after the company's crude steel production improved by 17% to 0.17 million tonnes in Q4 FY22 from 0.14 million tonnes in Q3 FY22.

The company's crude steel production for Q4 FY22 is higher by 11% as compared with 0.15 million tonnes produced in Q4 FY21.

JSW Ispat's crude steel production increased by 53% to 0.58 million tonnes in FY22 from 0.38 million tonnes in FY21.

JSW Ispat Special Products (JISPL) (formerly known as Monnet lspat and Energy) was acquired jointly by a consortium of AION Investments and JSW Steel through Corporate Insolvency Resolution Process (CIRP) as per Insolvency and Bankruptcy Code 2016 (IBC). JISPL has integrated steel unit at Raigarh and a steel unit in Raipur, both these units are located in State of Chhattisgarh.

The company reported a consolidated net profit of Rs 28.24 crore in the quarter ended December 2021 as against net profit of Rs 29.48 crore during the previous quarter ended December 2020. Sales rose 26.83% YoY to Rs 1,465.32 crore in Q3 FY22.

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